Operating Profit Margin
since 2005
Calculation
Apple Inc., operating profit margin, long-term trends, calculation
| Operating profit margin | = | 100 | × | Operating income (loss)1 | ÷ | Net sales1 | |
|---|---|---|---|---|---|---|---|
| Sep 27, 2025 | 31.97% | = | 100 | × | 133,050) | ÷ | 416,161) |
| Sep 28, 2024 | 31.51% | = | 100 | × | 123,216) | ÷ | 391,035) |
| Sep 30, 2023 | 29.82% | = | 100 | × | 114,301) | ÷ | 383,285) |
| Sep 24, 2022 | 30.29% | = | 100 | × | 119,437) | ÷ | 394,328) |
| Sep 25, 2021 | 29.78% | = | 100 | × | 108,949) | ÷ | 365,817) |
| Sep 26, 2020 | 24.15% | = | 100 | × | 66,288) | ÷ | 274,515) |
| Sep 28, 2019 | 24.57% | = | 100 | × | 63,930) | ÷ | 260,174) |
| Sep 29, 2018 | 26.69% | = | 100 | × | 70,898) | ÷ | 265,595) |
| Sep 30, 2017 | 26.76% | = | 100 | × | 61,344) | ÷ | 229,234) |
| Sep 24, 2016 | 27.84% | = | 100 | × | 60,024) | ÷ | 215,639) |
| Sep 26, 2015 | 30.48% | = | 100 | × | 71,230) | ÷ | 233,715) |
| Sep 27, 2014 | 28.72% | = | 100 | × | 52,503) | ÷ | 182,795) |
| Sep 28, 2013 | 28.67% | = | 100 | × | 48,999) | ÷ | 170,910) |
| Sep 29, 2012 | 35.30% | = | 100 | × | 55,241) | ÷ | 156,508) |
| Sep 24, 2011 | 31.22% | = | 100 | × | 33,790) | ÷ | 108,249) |
| Sep 25, 2010 | 28.19% | = | 100 | × | 18,385) | ÷ | 65,225) |
| Sep 26, 2009 | 20.96% | = | 100 | × | 7,658) | ÷ | 36,537) |
| Sep 27, 2008 | 19.32% | = | 100 | × | 6,275) | ÷ | 32,479) |
| Sep 29, 2007 | 18.37% | = | 100 | × | 4,409) | ÷ | 24,006) |
| Sep 30, 2006 | 12.70% | = | 100 | × | 2,453) | ÷ | 19,315) |
| Sep 24, 2005 | 11.84% | = | 100 | × | 1,650) | ÷ | 13,931) |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
1 US$ in millions
The financial data reveals a consistent expansion in net sales over the two decades, evidencing robust revenue growth. Starting from approximately $13.9 billion, net sales have steadily increased, surpassing $416 billion by the end of the latest period observed. This upward trend reflects a strong market demand and effective sales strategies.
Operating income demonstrates an overall upward trajectory as well, growing from $1.65 billion in the earliest year to over $133 billion by the most recent period. Despite some fluctuations, the general trend in operating income aligns with the revenue growth, suggesting improved operational efficiency and cost management over time.
Analysis of the operating profit margin shows that the company has maintained a relatively high level of profitability through the years. Beginning at around 11.8%, the margin increased to over 30% in several later fiscal years, peaking at nearly 36% in one period before settling around 32%. This indicates that profitability has improved considerably, with margins stabilizing in the 25–32% range during recent years.
There are some notable fluctuations in the operating profit margin; for instance, a significant jump occurs roughly midway through the timeline, followed by a slight decline and then stabilization. This pattern might reflect strategic changes, product mix variations, or market conditions impacting operating efficiencies temporarily. Nonetheless, the margin's resilience highlights effective cost controls relative to sales.
Overall, the financial indicators suggest sustained growth in sales and operating income with strong profitability levels. The consistency in operating margins alongside growing revenue and operating income points to a well-managed operation capable of scaling profitably over an extended period.
- Net Sales
- Showed continuous growth from $13.9 billion to $416 billion over 20 years, indicating expanding market presence and sales success.
- Operating Income
- Increased significantly from $1.65 billion to $133 billion, suggesting enhanced operational efficiency and profitability with occasional fluctuations.
- Operating Profit Margin
- Started at about 11.8%, rose to a high near 36%, and stabilized around 32%, demonstrating strong and sustained profitability with some variability linked to underlying business dynamics.
Comparison to Competitors
Apple Inc., operating profit margin, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|
| Sep 27, 2025 | 31.97% | — | 20.76% | 6.53% | 5.70% |
| Sep 28, 2024 | 31.51% | 42.05% | 22.64% | 5.89% | 8.08% |
| Sep 30, 2023 | 29.82% | 38.52% | 26.37% | 5.64% | 10.68% |
| Sep 24, 2022 | 30.29% | 34.86% | 27.09% | 4.60% | 6.45% |
| Sep 25, 2021 | 29.78% | 31.37% | 25.76% | 5.46% | 3.48% |
| Sep 26, 2020 | 24.15% | 30.19% | 27.63% | 2.85% | 2.57% |
| Sep 28, 2019 | 24.57% | 33.42% | 27.39% | -0.21% | 2.78% |
| Sep 29, 2018 | 26.69% | 12.71% | 24.95% | — | 2.82% |
| Sep 30, 2017 | 26.76% | 28.57% | 24.94% | — | 3.82% |
| Sep 24, 2016 | 27.84% | 21.56% | 25.71% | — | 4.82% |
| Sep 26, 2015 | 30.48% | 17.83% | 21.91% | — | 7.37% |
| Sep 27, 2014 | 28.72% | 21.49% | 19.82% | — | 5.47% |
| Sep 28, 2013 | 28.67% | — | 23.03% | — | 2.34% |
| Sep 29, 2012 | 35.30% | — | 21.85% | — | 4.54% |
| Sep 24, 2011 | 31.22% | — | 17.76% | — | 6.23% |
| Sep 25, 2010 | 28.19% | — | 22.89% | — | 5.65% |
| Sep 26, 2009 | 20.96% | — | 20.27% | — | 4.60% |
| Sep 27, 2008 | 19.32% | — | 23.88% | — | 7.45% |
| Sep 29, 2007 | 18.37% | — | 24.69% | — | 7.11% |
| Sep 30, 2006 | 12.70% | — | 24.56% | — | — |
| Sep 24, 2005 | 11.84% | — | 29.90% | — | — |
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).